So I wanna buy some RIM stock...

Ya see, I have this underperforming mutual fund with not-too-much value.

So, I thought I'd put my money where Mike L's mouth is and buy some stock.

Can someone familiar with the way the big Canadian banks work give me some pointers?

What I'd like to do is call my bank and say "here's a mutual fund I have that is registered as an RRSP, and I want to take all the funds out of that and buy RIMM stock, but I don't wanna pay annual fees, or maintenance, or huge service charges, and it has to stay in the realm of RRSP as I don't want the removal of funds from my mutal fund to count as income".

And I'd like to do this without paying huge service charges... I'm willing to do the 'paperwork' myself but I really don't know where to start, and asking the financial institutions involved will possibly steer me to more costly methods rather than less costly self-service methods.

So, are there any pointers or links that someone could provide? I believe I have an "investor" account with my bank, which I only used to cash out stock options over a decade ago, so I really don't know what to do here.

Thanks in advance to any respondents.

Wow, I was just thinking about this myself, 2 days ago.
I would be interested in pointers as well.

I need the "dumb it down for me" version...

TIA

Originally Posted by lorax1284

Ya see, I have this underperforming mutual fund with not-too-much value.

So, I thought I'd put my money where Mike L's mouth is and buy some stock.

Can someone familiar with the way the big Canadian banks work give me some pointers?

What I'd like to do is call my bank and say "here's a mutual fund I have that is registered as an RRSP, and I want to take all the funds out of that and buy RIMM stock, but I don't wanna pay annual fees, or maintenance, or huge service charges, and it has to stay in the realm of RRSP as I don't want the removal of funds from my mutal fund to count as income".

And I'd like to do this without paying huge service charges... I'm willing to do the 'paperwork' myself but I really don't know where to start, and asking the financial institutions involved will possibly steer me to more costly methods rather than less costly self-service methods.

So, are there any pointers or links that someone could provide? I believe I have an "investor" account with my bank, which I only used to cash out stock options over a decade ago, so I really don't know what to do here.

Thanks in advance to any respondents.

go into your bank and speak to a financial serive rep or financial advisor. if you have a sdrsp (self directed rrsp account) it will allow u to hold multiple investment type like mutual funds, gics, stocks within one account. and if u have cash sitting in the cash portion of the account u can buy the stock online or by calling your banks trading desk. if u dont u can redeem an underperforming mutual fund and use the money to buy stock, but usually mutual fund redemptions take a couple business days to settle into the cash part of your sdrsp. hope this helps :)

Originally Posted by alexandros2011

go into your bank and speak to a financial serive rep or financial advisor. if you have a sdrsp (self directed rrsp account) it will allow u to hold multiple investment type like mutual funds, gics, stocks within one account. and if u have cash sitting in the cash portion of the account u can buy the stock online or by calling your banks trading desk. if u dont u can redeem an underperforming mutual fund and use the money to buy stock, but usually mutual fund redemptions take a couple business days to settle into the cash part of your sdrsp. hope this helps :)

Thanks so much i don't know much about all that.
i don't have a "thanks" button right now, sorry.

edit: guess I did after all.